--- title: "The Wall Won, The Gap Was The High, 430 | The Tanmay Edge" description: "Yesterday's question was answered inside the first hour: the gap blinked, the wall won. Episode 110 documents one of the biggest single-day structure rebuilds" source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-25" --- The Tanmay Edge, Season 2, EP110 # The Wall won The gap was the high, 430 lakh calls pressed, 24,300 doubles to 216 lakh, Pros dump 1.8 lakh calls, crowd buys them and writes a record 8.44 lakh naked puts, Weekly + monthly expiry together, Gap-Down into 24,150, The trapdo Monday's open near 24,300 was the high, closed 24,119 down 32 points * **10:05**listen * **3/5**graded at settlement * **Tue 25 Aug 2026**aired, Season 2 Now playing The Wall won EP110, 25 Aug, 10:05 1x 0:00Chapter marks are estimated from the notes10:05 The host did not serve the audio here. Listen on [Apple Podcasts](https://podcasts.apple.com/us/podcast/the-tanmay-edge-indias-pre-market-edge-5-minutes/id1824088016) or [Spotify](https://open.spotify.com/show/0F755kaD5hggGDjy26Sz33). 01Scorecard ## 3/5 at settlement. **3/5**60% **The call.** Monday s open near 24,300 was the high, closed 24,119 down 32 points The two higher close streak ended and the gap sold all day Sensex ran a 588 point round trip and closed 172 points lower at 77,369 VIX rose 4.5 percent to 11.7, the second straight rise 4.3 crore fresh calls written across the chain in one session 24,300 doubled to 2.16 crore, the biggest single position of the cycle 24,200 stands at 1.65 crore and 24,250 at 1.26 crore Puts retreated everywhere above 24,100, with 24,250 unwinding 37 lakh Only 24,050, 24,150 and 24,100 added puts, taking 24,100 to 91 lakh PCR collapsed from 1.08 to 0.69 in a single day Max pain slid from 24,250 to * **2**Hit * **1**Partial * **0**Mechanical * **2**Miss Graded against the 26 Aug 2026 session; on the public trail from 27 Aug 2026. The grader's noteGraded Wed 26 Aug against the Tue expiry settlement 24,334. The defence first framing was right and the 24,100 trapdoor held almost to the tick, with the low of 24,115 printing fifteen points above the line drawn on air. The spreads only discipline kept structures defined through a one way squeeze. But 24,300 was called as the level nothing crosses today and it crossed it, settling 134 points above max pain, so that is the loss taken. The squeeze case was flagged but sized as the smaller scenario. Three on five. [The whole season, graded](/podcast/#trail)[August 2026 archive](/podcast/2026-08/)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 2. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 3. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 4. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 5. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 6. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are 7. **07**The plan: defence first on an overlap expiryThe gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are Cold open: the gap blinked **130 points**Day, the market sold **24,119**Close and settled **1.62**Side and bought almost **8.44**Book now stands Yesterday we asked who blinks, the gap or the resistance, and the gap blinked. The open was near 24,300, that was the high for the day, the market sold 130 points into the close and settled at 24,119. The proprietary traders dumped their entire call book into Read the chapter Monday's tape: the open was the high **24,119**Nifty closed **32 points**Nifty closed **24,300**Gap up towards **249 points**Round trip, high The Nifty closed at 24,119, down 32 points or 0.14 percent, and the two higher close streak ended. The gap up towards 24,300 sold all day. The Sensex ran a 588 point round trip, a high of 249 points and a low of 339 points, closing 172 points lower at 77,369. Read the chapter The board: 4.3 crore calls in one session **4.3**Across the option chain **2.16**Strike is now almost **1.65**Strike stands **51 lakh**Crore, and added almost Across the option chain 4.3 crore calls were added in one session. The 24,300 strike is now almost 2.16 crore, so the resistance has doubled and it is the biggest single position of the cycle. The 24,200 strike stands at 1.65 crore, 24,250 at 1.26 crore, and Read the chapter The expiry map: a sliding magnet **1.08**PCR moved **24,250**Max pain slid **24,300**Pain slid **12 points**Slipped negative to minus The PCR moved from 1.08 to 0.69 in one day. Max pain slid from 24,250 to 24,300 down to almost 24,200, and a sliding magnet is a negative thing for the market to follow. The basis slipped negative to minus 12 points after being positive 38 points on Friday Read the chapter Who did what: the pros dumped the whole call book **1.8**Proprietary traders sold **1.4**Calls, dumping the entire **1.14**FIIs added **5.82**Take the book The proprietary traders sold 1.8 lakh calls, dumping the entire 1.4 lakh long book into the gap, and they are now net short. They kept 1.98 lakh puts and stayed long futures, a cautious collar for a chop down. The desk that pressed long on Friday reversed it Read the chapter The flows: derivatives bearish, cash bullish **1,182**FIIs bought **2,493**DIIs bought **1,500**FII index futures sold **24,200**Trading constant The FIIs bought 1,182 crore in cash and the DIIs bought 2,493 crore in cash, while FII index futures sold 1,500 crore. So the derivatives read bearish and the cash reads bullish. The war has a new shape: everyone owns protection and the crowd is the only naked Read the chapter The plan: defence first on an overlap expiry **24,150**Gap down opens **8.44**Crowd holds record **24,050**Puts, so acceleration towards **1.6**Can see The gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are already entering negative gamma territory. The crowd holds a record 8.44 lakh naked puts, so acceleration towards 24,050 is the first support we can Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the gap blinked Yesterday we asked who blinks, the gap or the resistance, and the gap blinked. The open was near 24,300, that was the high for the day, the market sold 130 points into the close and settled at 24,119. The proprietary traders dumped their entire call book into the gap, with 1.8 lakh calls sold. The crowd took the other side and bought almost 1.62 lakh calls on top of what it already owned, and the naked put book now stands at 8.44 lakh. The writers pressed, with 4.3 crore fresh calls written across the chain in a single session, and the resistance at 24,300 is now 2.16 crore. Today the weekly and monthly expiries overlap. A 60 point gap down, Korea down 2 percent again. The test has moved from the resistance down to the support. ### *02*Monday's tape: the open was the high The Nifty closed at 24,119, down 32 points or 0.14 percent, and the two higher close streak ended. The gap up towards 24,300 sold all day. The Sensex ran a 588 point round trip, a high of 249 points and a low of 339 points, closing 172 points lower at 77,369. Breadth was 23 to 26. VIX rose 4.5 percent to 11.7, the second straight rise. Metals added 1.59 percent and IT was green, while PSU bank fell 0.93 percent and defence was negative. On the calls, I will take a four on five for yesterday, and the full scorecard is available on rupeecase.com. ### *03*The board: 4.3 crore calls in one session Across the option chain 4.3 crore calls were added in one session. The 24,300 strike is now almost 2.16 crore, so the resistance has doubled and it is the biggest single position of the cycle. The 24,200 strike stands at 1.65 crore, 24,250 at 1.26 crore, and 24,350 added almost 51 lakh. On the put side it retreated everywhere above 24,100. The 24,250 put unwound almost 37 lakh, 24,300 unwound 33 lakh, 24,200 unwound 27 lakh, and 24,000 unwound 14 lakh. The only puts added were 24,050 with 15 lakh, 24,150 with 11 lakh and 24,100 with 10 lakh, taking that strike to almost 91 lakh. ### *04*The expiry map: a sliding magnet The PCR moved from 1.08 to 0.69 in one day. Max pain slid from 24,250 to 24,300 down to almost 24,200, and a sliding magnet is a negative thing for the market to follow. The basis slipped negative to minus 12 points after being positive 38 points on Friday, while September futures still hold positive 25 points. The front IV has risen almost 20 percent in a day, so vol has been rising. Expiry day one standard deviation gives 24,050 to 24,300. The at the money straddle at 24,100 trades at 120, so fear is coming down, and the straddle implied move of almost 150 points gives 24,050 to 24,340. The day's battlefield is 24,050 to 24,300 with max pain at 24,200. ### *05*Who did what: the pros dumped the whole call book The proprietary traders sold 1.8 lakh calls, dumping the entire 1.4 lakh long book into the gap, and they are now net short. They kept 1.98 lakh puts and stayed long futures, a cautious collar for a chop down. The desk that pressed long on Friday reversed it in one session, so respect that flip. The FIIs added 1.14 lakh puts to take the book to 5.82 lakh long, added 9,500 futures short to reach a total short book of 2.1 lakh, and covered 18,000 more calls in the fall, but in cash they bought 1,182 crore, the first buy in three days, so they are hedged for the event rather than exiting. The clients bought 1.62 lakh calls, exactly what the pros sold at the top, and added 1.46 lakh naked puts in one day to reach a record 8.44 lakh. ### *06*The flows: derivatives bearish, cash bullish The FIIs bought 1,182 crore in cash and the DIIs bought 2,493 crore in cash, while FII index futures sold 1,500 crore. So the derivatives read bearish and the cash reads bullish. The war has a new shape: everyone owns protection and the crowd is the only naked one. On the predicted values the signal has flipped from buy to sell, with the projection at 24,104, below which the market tends to go negative, and the expiry pin is trading constant at 24,200. GIFT Nifty is 60 points down at 24,160, straight into 24,150. Korea is down 2 percent, Taiwan 0.86 percent, Hang Seng 0.13 percent, with the Nikkei the only green at 0.38 percent. Brent is steady at 92.63, gold at a record 4,643, the dollar index above 99 and USD INR at 95.74. ### *07*The plan: defence first on an overlap expiry The gap down opens at 24,150 and the first fight is defence, not offence. 24,100 is the trapdoor, so we are already entering negative gamma territory. The crowd holds a record 8.44 lakh naked puts, so acceleration towards 24,050 is the first support we can see, with 1.6 crore puts sitting there. The pin at 24,100 could drift another 50 points lower. Resistance stands at 24,250 with 1.26 crore calls and 24,300 with 2.16 crore, and nothing crosses that today. Base case, the open is defended, the pin is backed and we close around 24,200. The squeeze case is short covering lifting us to 24,250 to 24,300. The risk case is below 24,100, rolling down to 24,000 with expiry towards 24,050. Weekly and monthly books settle together so expect heavier volatility and rollovers, and watch the cash close. Only spreads, no naked selling and no naked buying. 04Key takeaways ## 24 things to carry into the session. * *01*Monday's open near 24,300 was the high, closed 24,119 down 32 points * *02*The two higher close streak ended and the gap sold all day * *03*Sensex ran a 588 point round trip and closed 172 points lower at 77,369 * *04*VIX rose 4.5 percent to 11.7, the second straight rise * *05*4.3 crore fresh calls written across the chain in one session * *06*24,300 doubled to 2.16 crore, the biggest single position of the cycle * *07*24,200 stands at 1.65 crore and 24,250 at 1.26 crore * *08*Puts retreated everywhere above 24,100, with 24,250 unwinding 37 lakh * *09*Only 24,050, 24,150 and 24,100 added puts, taking 24,100 to 91 lakh * *10*PCR collapsed from 1.08 to 0.69 in a single day * *11*Max pain slid from 24,250 to 24,300 down to 24,200 * *12*Basis slipped negative to minus 12 after being positive 38 on Friday * *13*Front IV rose almost 20 percent in a day * *14*Expiry day one SD 24,050 to 24,300, straddle at 24,100 trading 120 * *15*Pros sold 1.8 lakh calls and dumped the entire 1.4 lakh long book * *16*Pros kept 1.98 lakh puts and stayed long futures, a cautious collar * *17*FIIs added 1.14 lakh puts to 5.82 lakh and bought 1,182 crore cash * *18*Clients bought 1.62 lakh calls, exactly what the pros sold at the top * *19*Clients added 1.46 lakh naked puts to a record 8.44 lakh * *20*DII cash bought 2,493 crore, FII index futures sold 1,500 crore * *21*Signal flipped from buy to sell with the projection at 24,104 * *22*GIFT Nifty 60 points down at 24,160, Korea down 2 percent again * *23*Weekly and monthly books settle together on an overlap expiry * *24*Plan on record: defence first, 24,100 trapdoor, first support 24,050, spreads only Show all 24 05In his words We asked The proprietary traders dumped their entire call book into the gap. 4.3 crore calls got added in one session. A sliding magnet is a negative thing, for the market to follow it. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 986 words, about 4 min to read A very good morning, guys. Yesterday we asked who blinks, the gap or the wall, and the gap blinked. The open was near 24,300, that was the high for the day, the market sold 130 points into the close and closed at 24,119. 8 lakh calls got sold. 44 lakh. 3 crore fresh calls got written yesterday across the option chain. 16 crore. And today, weekly and monthly expiry overlaps. A 60 point gap down, Korea is down 2 percent again. The test has moved from the ceiling to the floor. This is The Tanmay Edge. You are listening to episode 110. I am Tanmay Kurtkoti. Let's go. So first, yesterday. 14 percent. The two higher close streak ended yesterday. The gap up towards that 24,300 sold all day, the low was 24,152 and the closing happened at 24,119. And the Sensex, a 588 point round trip, a high of 249 points, a low of 339 points, closed negative 172 points at 77,369. The breadth was 23 to 26. 7, the second straight rise that we are seeing. 93 percent, defence was negative, Siemens was negative. com. I will take a four on five for yesterday. So the board. 3 crore calls got added in one session. 16 crore, the resistance has doubled, the biggest single position of the cycle that we have seen. 26 crore, 24,350 almost 51 lakh got added. And on the bottom side it has retreated everywhere above 24,100. 2. 24,000 puts also 14 lakh got unwound. The only puts added were 24,050 15 lakh, 24,150 11 lakh, and 24,100 10 lakh, to almost 91 lakh total. 69 in one day. Max pain slid from 24,250 to 300 to almost 24,200. A sliding magnet is a negative thing, for the market to follow it. The basis slipped negative, minus 12 points, it was positive 38 points on Friday. September futures is still positive 25 points. 63 crore, with the 24,200 shelf shrinking and the max pain sitting at 24,200. 16 crore. A map for expiry. The front IV is rising and has risen almost 20 percent in a day, so vol has been rising. Expiry day one standard deviation currently gives us a range of 24,050 to 24,300 on the upper end. The at the money straddle at 24,100 trades at 120, so fear is coming down. The straddle implied move of almost 150 points gives us a range of 24,050 to 24,340 on the upper end. The day's battlefield currently predicted is 24,050 on the bottom end to 24,300 on the upper end, with the max pain still standing at 24,200. What did the proprietary desks, the FIIs and the clients do? 8 lakh calls. 4 lakh long book got dumped into the gap. Now net short is what they are holding. 98 lakh puts and the futures long, a cautious collar position for a chop down. The desk that pressed long on Friday reversed it in one session, so respect that flip. 1 lakh, covered 18,000 more calls in yesterday's fall. But in cash they bought 1,182 crore, the first buy in the last three days, hedged for the event, not exiting. 62 lakh calls, the exact calls the pros sold at the top. 46 lakh naked puts in one day. 44 lakh naked puts that the clients are holding. This is a record, and that is going to hit today, I think. The crowd is long at the top and short at the bottom into an overlap expiry. And the flows. The FIIs bought 1,182 crore in cash, the DIIs also bought 2,493 crore in cash, and in FII index they have sold 1,500 crore. So derivatives bearish, cash is bullish. The war has a new shape. Everyone owns protection, the crowd is the only naked one. Predicted values. So the signal has flipped from buy to sell, and the projection is 24,104, below which the market tends to go negative. The expiry pin is currently trading at 24,200 and is constant over there. So what we are seeing today morning is GIFT Nifty trading 60 points down at 24,160, straight into that 24,150. 38 percent. 28 percent. 63. Gold is at the record highs of 4,643. 87. So weekly and monthly books settle together, so today you could expect heavier volatility and across the board some rollovers that could happen, and keep a watch on that as well. All Cap was a positive 14 bips against a negative 14 bips, the third straight beat that we have seen. 88 percent. com. So the plan for today is simple, guys. The gap down opens at 24,150. The first fight is defence, not offence. 24,100 is the trap door, so we are already entering into negative gamma territory. 6 crore puts are present and the floor stands at 24,050 levels. So the pin is at 24,100 and that can get drifted, I think, another 50 points lower. 16 crore over there, nothing crosses it today. Base case, the open is defended, the pin is backed and we close around 24,200. The squeeze case is some short covering happening and the market lifts to around 24,250 to 300 back again. The risk case is below that 24,100 zone and we could easily roll down till 24,000, and the expiry can happen towards that 24,050 levels. An overlap expiry is there, so keep a watch on that. Also, the cash closing is something we have to watch today. So only spreads, guys, no naked selling, no naked buying for today. 44 lakh puts. Remember this, do not be in the trade with them. And if you liked this episode, please share it with one trader friend who needs it right now. Subscribe on Apple Podcasts, Spotify and Amazon Music. com. And give it a rating, guys, and see you all once again tomorrow. Until then, have a happy expiry and safe trading. Questions ## EP110, in plain words. What does EP110 of The Tanmay Edge cover?EP110, Tuesday 25 Aug 2026, 10:05, in 7 chapters: Cold open: the gap blinked; Monday's tape: the open was the high; The board: 4.3 crore calls in one session; The expiry map: a sliding magnet; Who did what: the pros dumped the whole call book; The flows: derivatives bearish, cash bullish; The plan: defence first on an overlap expiry. How did the calls in EP110 score?Grade 3/5 (60 percent): 2 hit, 1 partial, 0 mechanical, 2 miss. Graded against the 26 Aug 2026 session. Is The Tanmay Edge investment advice?No. It is market commentary for education only, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser, and strategy figures on RupeeCase are model, back tested. Explore next ## Learn what the episode covers. * [Free module 7.4INR, FII Flows, and Global Market Linkages10 min read](/learn/path-7/module-7-4-inr-fii-flows-global-linkages) * [StrategyNifty 50 Equal Weight strategyNifty 50, 50 stocks, every 4 weeks](/strategies/nifty-50-equal-weight) * [Free module 1.3Indices & Benchmarks13 min read](/learn/path-1/module-1-3-indices-and-benchmarks) * [Free module 3.1The Momentum Factor11 min read](/learn/path-3/module-3-1-momentum-factor-deep-dive) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera 07Read next ## Behind the calls. [Learn, module 2.3Risk Metrics That MatterEvery strategy shows you a CAGR. Fewer show you the drawdown. Almost none explain what the Sharpe ratio actually means.Intermediate, 8 min](/learn/path-2/module-2-3-risk-metrics-that-matter)[Learn, module 6.6Derivatives: Futures and Options for the Systematic InvestorThe F&O market in India is one of the largest derivatives markets in the world by volume. Most retail participants loseIntermediate, 8 min](/learn/path-6/module-6-6-derivatives-futures-options) [StrategyTotalMarket Hybrid50 stocks, 20% debt, no gold. Fortnightly rotation.Model, back tested CAGR 39.5%, as of 27 Apr 2026. Risk Moderate.](/strategies/totalmarket-hybrid) Share [X](https://x.com/intent/tweet?text=The%20Wall%20won%20%7C%20The%20Tanmay%20Edge%20EP110&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-08-25) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-08-25) Copy link [All episodes](/podcast/) Market commentary for education only. Not investment advice, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser. Strategy figures are model, back tested.